Ethereum Whale Offloads Holdings Amidst Market Downturn

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	455,739,696,376	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

455,739,696,376

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	65.24	1.75%	3,802.65	3,802.64	3,802.65

Price Change

Price Change %

Current Price

Bid Price

Offer

65.24

1.75%

3,802.65

3,802.64

3,802.65

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,947.00	3,729.59	3,744.48	3,737.41	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,947.00

3,729.59

3,744.48

3,737.41

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:40:43	0.001169	3,802.65	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:40:43

0.001169

3,802.65

USD

Price x Volume	Volume	Base Symbol	Related Pairs
557,046,907.55	145,635.90	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

557,046,907.55

145,635.90

Ethereum Whale Offloads Holdings Amidst Market Downturn

12/05/2024 8:31am

NEWSBTC

Ethereum (ETH) tumbled 6.45% in the past week, marking a rough stretch for the world’s second-largest cryptocurrency. Generally, Ether has left investors much to desire in recent times with a price decline of 16.57% over the last few months. Amidst this bearish market, a crypto whale has sold off all his Ethereum tokens drawing much attention from traders and market experts alike. Related Reading: Ethereum Price Signals Fresh Increase Unless Fails To Surpass $3,080 ETH Whale Liquidates Holdings, Incurs Substantial Loss In an X post on May 11, blockchain tracking platform Lookonchain reported that a crypto whale offloaded all its 6,714 ETH tokens at a market price of $19.5 million. While the profit looks quite massive, LookonChain states that the investor actually recorded a loss of $6.5 million based on the acquisition price of these tokens. Generally, whale transactions gain much attention among investors as they are viewed as indicators of market trends. Thus, if a whale suddenly sells a large portion or all of their holdings it may be interpreted as a bearish signal prompting other investors to follow suit, resulting in a price dip. However, that may not necessarily be the case with the ETH market following this recent whale sell-off. With the Bitcoin halving completed in April, the crypto bull run is expected to begin in the following months based on historical data. In previous times, Ethereum has proven as one of the most favorable assets for investors in this period. Notably, the altcoin gained by over 2000% in the months following the Bitcoin halving in 2020. Thus, most ETH investors are likely to hold on to their tokens. Aside from Ethereum, the whale also liquidated all its 428,047 Optimism (OP) and 901,685 Arbitrum (ARB) at a loss of $902, 000 and $1.08 million respectively. In total, they incurred a loss of $8.43 million in offloading their investments in the three prominent altcoins. Related Reading: Ethereum Foundation Moves 1,000 ETH – Is The Top In? ETH Price Overview At the time of writing, ETH trades at $2,919 reflecting a slight price gain of 0.27% in the last day. The altcoin appears to be heading for the $,2940 resistance zone. With sufficient buying pressure, ETH could push through this region with the next resistance level set at the $3050 price zone. However, the altcoin’s daily trading volume has currently declined by 44.85% falling to a value of $6.71 billion. Ethereum, which ranks as a bigger altcoin remains 40.4% off its all-time high value of $4,891.70 achieved in November 2021z ETH trading at $2,921.60 on the daily chart | Source: ETHUSDT chart on Tradingview.com Featured image from Smithsonian Magazone, chart from Tradingview

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